Ag in the News

05/07/2008

National

EU likely to lift 11-year poultry ban: official
The European Union is likely to lift its 11-year ban on U.S. poultry imports, the EU's Enterprise and Industry Commissioner said on Tuesday, according to Reuters. MORE!

South Korea to begin U.S. slaughterhouse inspections
Ahead of official resumption of imports of U.S. beef, South Korea will send inspectors to ensure U.S. slaughterhouses are producing beef to Seoul's standards. MORE!

Tyson exec leaves company
J. Alberto Gonzalez-Pita, executive vice president and general counsel for Tyson Foods Inc., has left the Springdale, Ark.-based protein giant. MORE!

KFC looks overseas for salvation during economic crunch
Yum Brands, owner of fast food chains Kentucky Fried Chicken and Pizza Hut, has begun a large-scale expansion in China to increase overall sales in the face of falling domestic revenue, Reuters reported. MORE!

Arby's returns flatbread melts to menu
Atlanta-based quick-service chain Arby's has returned two flatbread melts to its menu, the Philly Beef and Fajita Beef. MORE!

Wrap Up

Firmer overnight. A mostly firmer tone emerged in overnight action, with soybeans up 1 to 10 cents, corn up 3 1/2 to 6 1/4 cents and wheat up 1/2 cent to 7 1/2 cents.

Day one of wheat tour. Scouts on the first day of the Wheat Quality Council HRW Tour through Kansas found an "above-average crop." Samples revealed an average yield of 45.4 bu. per acre through northern and central Kansas versus a tour average on 40 bu. per acre on similar routes last year. Scouts say due to the late development of the crop, there's still time for Mother Nature to help or hurt the crop in coming weeks.

Battles continue in South Korea. South Korean officials are signaling they'll halt imports of U.S. beef if another case of mad cow disease is found here despite that action running counter to the beef trade accord reached between the countries. South Korea officials are trying to combat negative sentiment on U.S. beef as the reopening of trade draws near.

Farm bill work. Lawmakers have continued to try and put together a farm bill they hope President Bush will sign or can attract enough votes to override a likely veto. Negotiators did make some movement on payment limits, focusing in on denying direct payments to growers earning more than $750,000 a year, down sharply from earlier proposals in Congress.